Asked by J
A $4,000 principal is invested in two accounts, one earning 3% interest and another earning 4% interest. If the total interest for the year is $126, then how much is invested in each account?
Answers
Answered by
bobpursley
126=M(.03)+(4000-M)*.04)
where M is at 3 percent.
126=m(.03-.04)+160
M= 34/.01= 3400
and 4000-M=600
where M is at 3 percent.
126=m(.03-.04)+160
M= 34/.01= 3400
and 4000-M=600
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